Vector Capital Portfolio Company Emarsys Completes Sale to SAP

Vector Capital, a leading private equity firm specializing in transformational investments in established technology businesses, today announced the successful sale of Emarsys, a leading provider of cloud-based talent management software, to SAP SE (NYSE: SAP). Terms of the transaction were not disclosed.

Headquartered in Vienna, Austria, Emarsys is a market-leading global provider of cloud-based marketing technology serving more than 1,500 companies worldwide. Emarsys empowers digital marketing leaders and business owners with the only omnichannel customer engagement platform built to accelerate business outcomes.

Vector Capital initially invested in Emarsys in 2015 and served as the company's first outside institutional investment partner. Over the past six years, Vector worked closely with Emarsys' founders and management team to successfully launch in the U.S. market, invest in product innovation, and efficiently scale its sales and marketing teams. During Vector's investment, Emarsys significantly accelerated its revenue growth, increased profitability, and became recognized as a market leader by industry analysts including Forrester and Gartner.

Alex Slusky, Managing Director and Chief Investment Officer at Vector Capital, said, "As Emarsys' first outside, institutional investment partner, we are extremely proud of the growth the company achieved during our ownership and to have reached a successful outcome for our investors. This investment exemplifies our successful track record of investing behind leading marketing technology platforms, accelerating North American expansion for European-based companies, and closely partnering with founders and strong management teams to help them successfully scale their businesses. Emarsys is a fantastic company and I am confident its best days are ahead as part of SAP."

Hagai Hartman, Emarsys Founder and Chief Innovation Officer, said, "Vector Capital has been a terrific partner over the past six years. Their operational expertise has been invaluable in helping us establish our position as a market leader in cloud-based marketing technology. With Vector's help, we expanded our geographic reach, particularly in North America, which has been one of our fastest growing markets. We look forward to our next chapter under SAP's ownership."

Morgan Stanley & Co. LLC acted as financial advisor to Emarsys in this transaction, and Wilson Sonsini Goodrich & Rosati and Freshfields Bruckhaus Deringer LLP acted as legal advisors.

About Vector Capital
Vector Capital is a leading global private equity firm specializing in transformational investments in established technology businesses. With more than $3 billion of capital under management, Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of businesses and enhance value for employees, customers, and all stakeholders. For more information, visit http://www.vectorcapital.com.